Norse Manufacturing, Inc., prepares an annual combined statement of income and comprehensive income. The following situations occurred during the company's 2011 fiscal year:

1. Restructuring costs were incurred due to the closing of a factory.
2. Investments were sold, and a loss was recognized.
3. Gains from foreign currency translation were recognized.
4. Interest expense was incurred.
5. A division was sold that qualifies as a separate component according to GAAP.
6. Obsolete inventory was written off.
7. The controller discovered an error in the calculation of 2010's patent amortization expense.
8. A volcano destroyed a storage facility on a South Sea island. The event is considered to be unusual and infrequent in occurrence.

Required:
1. For each situation, identify the appropriate reporting treatment from the list below (consider each event to be material).
a. As a component of operating income.
b. As a non-operating income item (other income or expense).
c. As a separately reported item.
d. As another comprehensive income item.
e. As an adjustment to retained earnings.
2. Identify the situations that would be reported net-of-tax.